The fund launched amid renewed global interest in the gender pay gap, which stood at 9.4% for full-time employees in the UK in 2016, according to the Office for National Statistics. On 1 January, Iceland became the first country to introduce legislation requiring employers to prove they offer equal pay regardless of factors including gender.

Research has also linked gender diversity to better stock returns. A recent note from UBS Wealth Management analysed profitability metrics for companies in the FTSE Developed World Index, and found companies with higher-than-average proportions of women on the board had higher returns than less gender-diverse peers.

The index also tracks 18 other diversity criteria, including equal compensation, work-life balance, transparency and accountability.

The ETF is a joint collaboration between UBS Asset Management and UBS Wealth Management.